Microchips are Being Adopted en-masse in Sweden

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by Konstantin Rabin · 3 min read
Microchips are Being Adopted en-masse in Sweden
Photo: Unsplash

Can you imagine having the ability to pay with your hand? Well, in Sweden it is no longer just a piece of imagination, it is a reality.

You may have seen some documentaries where people were voluntarily inserting Microchips under their skin, in order to make payments in various stores. In the past, it used to be just a small percentage of the population, probably around a couple of hundred.

But right now more than 4,000 people have decided to make this sci-fi feature a reality and joined the ranks of the Microchip users or the “Cyborgs” that some people call them.

Cash Begone

The payment will be only available in a store that has a Terminal, naturally, which will promote an even wider adaptation of the internet as the Terminal needs to be connected to it somehow. According to the report by Nyecasino.ninja, there are few statistical indicators about the general state of affairs in Sweden, in regards to cash usage.

But there was one, which indicated that there were somewhere around 40% of the population using cash back in 2011. Even by 2011 standards that’s quite a low number. However, a new study showed that in 2018 that 40% decreased to 11%. Therefore an overwhelming majority of the Swedish population currently prefers using digital payments over cash payments.

The same sentiment can be seen in the United States as there are about 70% of the population using cash. Although it is nowhere near the indicators in Sweden, this percentage is slowly decreasing.

Cryptos Time to Shine

Wherever there are digital payments involved, its only natural to hear about cryptocurrencies. And naturally, Sweden is a great fan of everything fintech. Swedish Blockchain professors noted that the country is more than welcome to the adaptation of the new technology, and is quite literate with its usage.

This was also supported by the local Bitcoin ATM company’s announcement saying that there are even more crypto holders in Sweden than any survey can show. They are just utilizing the defining feature of the asset, anonymity.

A marketing representative of one of the Bitcoin ATM companies even noted the fact that there are already Swedes that are literally walking around with “Bitcoin under their skin”. Currently, they are able to use it for payments on beer and food.

Should the overwhelming majority of Sweden’s population switch to Microchips, it is only natural that they will soon get the wind of cryptocurrencies and add it to their “portfolio”. As for tourists and foreigners, crypto would become an ideal way to integrate into the local society, without having to go through the hassle of exchanging currencies, they would be able to use their Bitcoin straight away.

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Author: Konstantin Rabin

Konstantin has been working in the financial services industry since 2011. He is over-viewing various updates in the technology, regulation, and market movements. He's passionate about cryptos and all things financial.

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